x

Loading data...

x

Loading data...

x

Loading data...

ChartsValuation & Peer ComparisonCommunity Buzz

Close ✕

MUMBAI: Shares of Arshiya International, a logistics and warehousing services provider, have plunged more than 42 per cent over the past three trading sessions after the company sacked around a fifth of its workforce amid brewing financial troubles. The company said it had fired 290 out of its 1,700-people workforce mainly on grounds of performance. Most of these employees work as supervisors, with some senior managers from its 3PL business and sales team.

The Arshiya stock closed at the 10 per cent lower circuit of 70.20 on Friday. The business is running as usual with some interruptions due to protests at Mumbai Free Trade Warehousing Zone concept (FTWZ) due to employee retrenchment, the company management said in a concall on Thursday. But, there has been no delay in the goods movement or lag in delivery timeline despite of some workers on strike at Mumbai FTWZ, it added.

"A delay in commencement of operations at Khurja Distripark and Khurja rail sidings have been a big disappointment as capital infusion of Rs 850 crore is not seeing any revenue generation," Emkay said in a report on Friday.